31 July 2026 , 10:48
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Ireland’s National Asset Management Agency (Nama) is set to be formally dissolved with immediate effect, the government has announced.
Nama has officially concluded its operations, Tanaiste and Minister for Finance Simon Harris confirmed, 16 years after the establishment of the agency following the financial crisis.
Friday sees the conclusion of Nama’s operations as Mr Harris acknowledges its contribution to the State and any remaining activity for the agency will now transfer to the National Treasury Management Agency (NTMA) from the beginning of August, for management to completion.
Announcing Nama’s dissolution, the Tanaiste said: "The dissolution of NAMA marks the end of a significant chapter in Ireland’s economic history.
"NAMA was established in 2009 as part of the State’s response to extraordinary challenges facing the Irish banking system and economy.
"It was entrusted with a mandate by Government and the Oireachtas that was unique in its scale and complexity, involving a loan portfolio relating to some 5,000 borrowers and approximately 60,000 properties across multiple jurisdictions.
"Over the past sixteen years, NAMA has successfully fulfilled this mandate. In doing so, it has generated a significant return for the State while also delivering lasting social and economic benefits."
According to government, Nama successfully delivered on its mandate, which is outlined below:
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Redeemed €30.2 billion in Government-guaranteed senior debt in 2017, three years ahead of schedule
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Fully repaid its €1.6 billion subordinated debt by 2020, leaving the Agency debt free
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Delivered a lifetime contribution of €5.6 billion to the State through cash transfers, corporation tax payments and transfers of assets to the Land Development Agency, including 1,366 social homes and land with the potential to deliver approximately 7,000 new homes
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Facilitated the delivery of more than 44,500 homes with 14,660 directly funded and delivered
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Delivered 2,957 social housing homes
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Supported the regeneration of the Dublin Docklands Strategic Development Zone, helping deliver more than 4.2 million square feet of commercial space and over 2,000 homes
Nama was established in December 2009 following the banking and property crisis and was tasked with resolving the issue of impaired loans in relation to around 60,000 properties across many jurisdictions, as well as restoring general stability in Ireland’s financial system.
The Tanaiste added: "Through its support for housing delivery, the regeneration of Dublin Docklands and the transfer of social housing and strategic residential development sites to the Land Development Agency, NAMA has left a legacy that will continue to benefit communities for many years to come.
"Today is also an opportunity to recognise the people who undertook that work. The board, management and staff of NAMA were entrusted with a uniquely complex task and carried it out with professionalism, dedication and expertise.
"Under its leadership, the Agency delivered significant value for the Irish people.
"On behalf of the Government, and indeed the Irish people, I want to thank all those who served in NAMA over the past sixteen years for their commitment and public service."
Head of Investigations